Nifty Media gives up previous gains on broad-based selloff, index dips over 1.5%; Inox Leisure extends gain; ZEE, DishTV top laggards

The index hovered between an intraday high and low of 2,192.15 and 2,131.05 respectively. Inox Leisure maintained its winning streak and was the top bull of the day.

Sep 28, 2021 02:09 IST India Infoline News Service

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Media stocks have corrected and erased their previous gains as broader markets turned volatile on Tuesday. The majority of the stocks listed on Nifty Media were under pressure. The index hovered between an intraday high and low of 2,192.15 and 2,131.05 respectively. Inox Leisure maintained its winning streak and was the top bull of the day.

At around 2.51 pm, Nifty Media is trading at 2,153.65 lower by 34.80 points or 1.59%. On the index, 2 scrips advanced while 8 scrips declined.

Inox Leisure surged nearly 2% followed by TV18 Broadcast soaring more than 1%.

However, Zee Entertainment and DishTV were top bears plunging more than 3.6% and 2.5% respectively. Jagran Prakashan and SunTV tumbled more than 1% each.

TVToday and DB Corp slipped 0.9% each, while PVR was marginally down. Network18 traded flat but in red.

Media stocks were in focus after the Maharashtra government allowed the reopening of cinema halls and auditoriums from the next month.

The Maharashtra Chief Minister's Office through its Twitter account announced the development. Theatres and auditoriums can commence operations after October 22, 2021, in the state, however, while observing all Covid safety protocols. The CMO also announced that the SOP is in progress and will be declared soon.

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